Terreno Realty Corporation (TRNO) has acquired an industrial property in Redondo Beach, California, for approximately $35.5 million.
The site, located at 3700 and 3730 Redondo Beach Avenue, spans 5.1 acres and features two industrial distribution buildings totaling about 100,000 square feet.
The property, positioned west of I-405 and next to Terreno's existing 6.7-acre site at 2411 Santa Fe Avenue, offers 16 dock-high and three grade-level loading positions, along with parking for 88 vehicles. It is fully leased to two tenants and has an estimated stabilized capitalization rate of 5.8%.
The stabilized cap rate reflects annualized cash net operating income at market occupancy, divided by total acquisition costs, which include purchase price, assumed debt adjustments, due diligence, closing costs, and near-term capital and leasing expenses.
Terreno Realty focuses on acquiring, owning, and operating industrial real estate in six major U.S. coastal markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.
No executive quotes were included in the announcement. The company outlined property specifications, tenant occupancy, and financial details to highlight the acquisition's strategic fit within its coastal market portfolio.
TRNO currently trades at $53.37 or 0.75% lower on the NYSE.
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